Life Savings Insurance is provided on Savings up to a maximum of €7700 at no extra charge to the member, subject to terms and conditions. The amount of insurance benefit payable on the death of the member is based on the age of the member at the time the savings were lodged.
The following illustrates the benefit payable:
Under 55: Every €1.00 saved provides €1.00 of insurance
Between 55 & 59: Every €1.00 saved provides .75c of insurance
Between 60 & 64: Every €1.00 saved provides .50c of insurance
Between 65 & 70: Every €1.00 saved provides .25c of insurance
Savings lodged on or after the 70th birthday are not covered by insurance. The main criteria to be eligible for Life Savings Insurance are:
- Savings must be made, and maintained, in the Credit Union before the age of 70
- You must be actively at work; or
- If not working must be in good health at the time the savings were lodged.
- Life Savings Cover is only provided on the first named member on a joint account. Second named members on joint accounts are not covered.
If you are aged 55 or over and are unsure of the benefits applicable to you under the Life Savings Insurance Scheme feel free to ask for advice before withdrawing savings from your account. We will be only to glad to advise you of your position.
Death Benefit Insurance
Death Benefit Insurance is an additional cover available to members as an extra to Life Savings Policy, subject to terms and conditions. There is no extra charge to the member for this cover.
All “eligible” members of Castleblayney Credit Union are covered under our Death Benefit Insurance Policy. This means in the event of your death, a lump sum of €1,300 will be paid to your family to help with the cost of funeral expenses, thereby easing the financial burden of bereavement.
Nobody enjoys talking or even thinking about their own mortality. However the simple fact is funerals are now more expensive and very few people realise the impact funeral bills will have on their lives. Death Benefit Insurance will not ease bereavement but it will go a long way towards easing the financial burden your death may place upon your family.
To qualify for death benefit insurance you must be a Credit Union member and must have joined the Credit Union before your 70th birthday. You must always retain at least €100.00 in your account at all times. If your savings go below €100.00 after your 70th Birthday you will no longer be entitled to the benefit.
Please note that death benefit insurance is paid ONLY on the first named on a joint account. All insurance cover is subject to terms and conditions.
For more information on any of the above please contact Castleblayney Credit Union.